California Craft Brewer Sells for $1B

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SAN DIEGO–

Ballast Point, one of the most popular craft breweries in California, has been bought by an alcoholic beverage conglomerate for a staggering price.

Constellation Brands shelled out $1 billion for the 20-year-old brewery, the company announced Monday.

According to KSWB, Ballast Point was expecting to sell 4 million cases of its beer in 2015.

Many know Ballast Point by its flagship brew – Sculpin IPA.

Constellation is the third-largest alcoholic beverage distributor in the U.S., dealing with brands like Corona, Pacifico and Robert Mondavi wines.